Decisions on rate based on need to quickly end period of price growth without overcooling Russian economy - Nabiullina

MOSCOW. Oct 28 (Interfax) - The need to end the period of high inflation as quickly as possible while not allowing the economy to overcool underlies all decisions of the Central Bank of Russia's board of directors regarding the key rate, Central Bank Governor Elvira Nabiullina said.

"All our decisions on the rate are based on the fact that we need to end the period of high price growth as quickly as possible, but without harming the economy's production potential, and of course, without allowing the economy to overcool," Nabiullina said at a joint meeting of the State Duma committees on the financial market, budget and taxes, and on economic policy.

There were previously concerns that the key rate would not work; they have not been borne out, inflation is slowing this year, and this is mainly the result of more moderate credit growth and the associated growth in the money supply, she said.